Dogecoin Price Could Reach $10 as Musk Joins Donald Trump

Highlights:

• Dogecoin is up 92% in a week and 234% in a month, showing strong growth.
• DOGE could hit $10 by January 2025, driven by rising momentum and Bitcoin.
• Elon Musk’s involvement in DOGE and regulatory changes fuel optimism for further gains.

Dogecoin (DOGE) is now one of the most widely used cryptocurrencies. Once laughed off, DOGE has endured, backed by strong fan support and endorsements from major public figures. DOGE is currently priced at over $0.39, significantly below its peak of $0.74 in May 2021. The meme coin is up 102% in a week and 239% in a month.

It could hit $10 by US Presidential Inauguration Day on January 20, 2025, as momentum surges and Bitcoin targets $100,000. Dogecoin surged to $0.0418, doubling in a week, amid Elon Musk’s new role in the Department of Government Efficiency (D.O.G.E). Crypto-friendly appointments in key regulatory roles add further momentum, fueling bullish Dogecoin predictions.

If Dogecoin breaks its ATH of $0.73 in the next few days, it could quickly approach the key $1 level. A 10x move to $10 by January 20th is possible and may even be conservative. With 68 days to reach $10, and given its recent 100% price increase in a week, this target is within reach.

Key Drivers Set to Propel DOGE’s Price

Two major factors are set to drive DOGE’s price higher: Elon Musk’s influence and advancements in the Dogecoin roadmap.

Musk, alongside billionaire entrepreneur Vivek Ramaswamy, will lead DOGE, which is a positive for the crypto space. However, Musk may face challenges in managing his time and energy between his various companies. On the other hand, the relaxed regulations DOGE could bring will likely benefit Musk’s companies, especially Tesla and SpaceX, which work closely with NASA.

To clarify, DOGE is not an official government department. According to President-elect Donald Trump’s statement, DOGE will “provide advice and guidance from outside of government” and collaborate with the Office of Management and Budget. This means Musk’s role won’t require Senate confirmation, and the “department” is set to end its work on July 4, 2026.

🔴🔵 On Tuesday, U.S. President-elect Donald Trump appointed Elon Musk to a position focused on building a more efficient government, giving the world’s wealthiest man—who contributed millions to Trump’s campaign—an even greater role. pic.twitter.com/sDKbq47uyu

— LN24 International (@ln24_intl) November 13, 2024

Dogecoin Forms ‘Golden Cross’ – Could $10 Be Next?

The last time Dogecoin’s one-week chart formed a golden cross, its price soared by around 26,000% in months, reaching an all-time high of $0.7316 in May 2021. A Crypto Twitter analyst has noted the same pattern forming again, suggesting a price target between $2 and $4. Calculating a 26,000% increase from Dogecoin’s current price could reach nearly $100.

While a $100 price target seems unrealistic, as it would imply a market cap of over $14 trillion—only possible with extreme inflation (which Trump has pledged to end)—Dogecoin’s chart and momentum indicate that a breakout is underway. The coin is likely to experience recurring surges for the rest of the year and beyond. Although DOGE may experience a slight dip in the short term, its medium- and long-term outlook appears very positive, especially with Trump confirming that Dogecoin supporter Elon Musk will head the Department of Government Efficiency.

Finally golden cross has just occurred on the $DOGE weekly chart.

The last time this happened was in Q4 2020; life-changing rallies followed.

$2-$4 price targets using fib seem possible this cycle. https://t.co/tnlW1kHZJ7 pic.twitter.com/5W5P1wF4sl

— Mikybull 🐂Crypto (@MikybullCrypto) November 11, 2024

On November 10, crypto analyst Dima James Potts highlighted the appearance of an Inverse Head and Shoulders pattern on the Dogecoin price chart in an X (formerly Twitter) post. He noted that this pattern often signals the start of a major bull run, suggesting a potential rally to $10. Potts expressed a particular preference for this chart pattern due to its history of predicting significant price increases.

$DOGE $10+ DOGECOIN?!🚀🚀

Anyone who has followed me for a while knows that the Inverse Head and Shoulders pattern is my favorite trading setup of my trading career. In every single cycle, #DOGECOIN has formed this pattern before going on a massive rally.

-1st cycle went up… pic.twitter.com/40myJfxXoo

— Ðima James Potts (@DimaPotts36) November 10, 2024